Entrepreneurship, lean startup, entrepreneur, business, startup, Intrapreneurship, lean manufacturing
The word entrepreneurship was originally used for people who "take on the risk" between buyers and sellers. Later the word was used for those who undertake a task or start a new business venture
- "The process of turning an idea into a business".
- "Entrepreneurs assemble and then integrate all the resources needed - the money, the people, the business model, the strategy - to transform an invention or an idea into a viable business".
This process typically requires creativity, drive, and a willingness to take risks.
[...] Innovation accounting is a systematic quantitative approach that allows the entrepreneur to see if the effort to get to the ‘perfect' product is successful or not. This approach creates learning milestones that are useful for entrepreneurs as a way of assessing their progress accurately and objectively. It is also useful to show the progress to the investors. Traditional accounting is generally not helpful in evaluating entrepreneurs, since startups are too unpredictable for forecasts. Innovation accounting works in 3 steps: 1. [...]
[...] This will involve measurement and learning and must include actionable indicators that can demonstrate cause and effect questions. The idea is to minimize the total time through the loop of Build-Measure-Learn. J. Myths Related to The Lean Startup – Myth # 1 → Lean means cheap. Lean startups try to spend as little money as possible. Truth: The Lean Startup method is not about the cost; it is about speed. – Myth # 2 → the Lean Startup is only for Web 2.0 /internet/consumer software companies. [...]
[...] Channels: List the FREE and PAID channels you can use to reach your customer Cost Structure: List out all your fixed and variable costs Revenue Streams: Identify your revenue model, and outline your assumptions for life time value, gross margin, break-even point, etc Unfair Advantage: Something that cannot be copied or bought, e.g. insider information, skillset of the founding team, personal experience. II. Entrepreneurial Ideas and Opportunities A. Different Ways of Thinking about Entrepreneurship 1. Causation When preparing a meal: It is like opening a recipe book, choosing one recipe, and then buying all the necessary ingredients to prepare the dish. [...]
[...] Hence, a successful startup needs proper management. It is full of activities associated with building an organization: such as hiring employees, coordinating their activities, and creating an effective corporate culture. For a lean startup, having a flexible, learning oriented (evolving) management style leads to a successful startup. Validated learning → learning is the essential unit of progress for startups. It helps to identify whether the startup is on a path that will lead to a sustainable business or not. Validated learning is the process of demonstrating empirically through data from customers that a startup team has correctly identified a startup's present and future business prospects. [...]
[...] Plans/strategies to achieve those goals. Maximize the returns Effectuation When preparing a meal, you open your fridge, you identify all the available products, then imagine what you could do with these things, and then you do something. ‘Means' oriented. An emergent, flexible approach to entrepreneurship. Change in course of action based on the present situation → predicting the next step is not always easy. Use of intuition/gut feeling. Means/Resources oriented → Goals emerge based on the available means/resources & Experimentation. [...]
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